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September 1st, 2010
Finding A Good Property Manger Can Mean The World
September 1st, 2010There are a lot of investment property owners who choose to manage their own properties, especially if they live within a short distance. This is usually shortly followed by headaches and all the time consuming task that come along with it. The always seems to be a clogged toilet or the air is not working when it is 100 degrees outside. They alway seem to pop up right in the middle of something else. Of course you can’t forget that faithful tenant that every week cries that they promise to have the rent next week, at least in the Myrtle Beach property management business. They all have something more important than paying the rent that has come up! A good property manager can be the solution to have your free time back. Here are just a key things to keep in mind while on your journey for one. Is your property a house, condo, apartment building, an HOA or a commercial space or building? We can help you. Having an efficiently managed property is important. Many time finding and choosing a management company for your rental property can seem difficult. To ensure you make the right decision the following tips will help.
A company that has knowledge on the local market is a great criteria to look for. Find a property manager that knows what renters are looking for by having knowledge of their local market. A good property management company will look at a property as if they were a renter to help increase rental rates, lower turnover rates, and decrease vacancy time. The manager should while walking the property advise you of smart and cost-conscious recommendations that increase your return while maintaining or improving your property so it is desirable. A management company should always keep your property competitive in the rental market, if they are good.
Next, you will want to interview the property manager or property management company. How will they find tenants.What other forms of marketing on the Internet do they offer besides their website? You will want to find out when there are maintenance requests how are they looked after. You will also want to find out how do they track income and expenses? Find out if they are utilizing property management software? Do they offer owner statements reflecting the property’s income and expenses?
It is always a good idea to find out how long they have been in business and how long they have managed properties in your area. It’s likely that the new guy may not have the best knowledge or experience to handle the situations that may arise. Are they a member of any Real Estate management organizations, possibly a certified property manager of have they received any specific training for property management. Ii’s never a bad idea to ask for at least three referances. Also, you want to get someone who is experienced with the type of property that you have. Looking for a company with a system in place is the key. As a rule of thumb it never hurts to ask for a copy of reports given to owners. If they hand you something typed up by hand on the spot and not a computer generated report, tis is not what you are looking for. That’s an automatic red flag. This will tell you that there are no proper bookkeeping records in place. Remember they have got to have a system. Who is the managers back-up for when they are out of they office for any reason or on vacation. Make sure you review a copy of their property management agreement or contract and understand what the fees are for property placement and management. You want to make sure you understand the terms and conditions of the agreement and how often the agreement is renewable. You may want to even go as far as to check them out through the local Chamber of Commerce, the Better Business Bureau, or the real estate commission for any complaints.
Next you will want to find a management company that uses a can do credit and criminal checks, income verification and nationwide screening for previous eviction filings. Where are security deposits kept and how are they collected? How often are payments made to owners and what is their policy for collecting the rents? What options are available for your incoming payment, do they offer direct deposit?
When repairs do arise will they be handeling all the necessary repairs and are they qualified people? Will they then handle paying any vendors and other bills out of incoming rent payments? Does the property management company set up a property reserve for minimal/insignificant repairs? You want to make sure that they arrange with you for any repairs over a certain dollar amount. This is usually around $200 to $300.
When the properties are furnished are there periodic inspections of inventory? Will they contact you immediately upon tenants giving a notice to vacate property? Do they issue timely notices to tenants that are delinquent with rent or violating the lease agreement?
Ultimately, a good property manager is not always the one that charges the lowest fees. It is necessary to have a screening process to determine if a manager has the ability to manage the property according to your requirrements. Best of luck and hope you found these tips helpful.
From your local Myrtle Beach Property Managers,By the Beach Properties
The Basics About Buyer Closing Costs
September 1st, 2010A term many people are not familiar with until they start to think about buying a home is “closing costs.” Closing costs are essentially more money that you have to scrounge up in order to buy a home, on top of the down payment. This term will come up when you are looking for a loan or making an offer on a home. There are several decisions you can make regarding how you pay your closing costs, and when you pay.
What is included in buyer closing costs?
There are several different fees and charges that make up buyer closing costs. The fees will all be listed on your Buyers/Borrowers Closing Statement, and you can ask any remaining questions during closing. From experience, the closing meeting is kind of a whirlwind because there are so many documents to sign and discuss, so we went through it line by line with our buyer’s agent before the meeting.
*New loan charges
*Appraisal Fees
*Credit Report Fee
*Interest on loan
*Home Owner’s insurance (1 year up front)
*Property Taxes (1 year up front)
*Closing Fee to Title Company
*Title Charges (owner and lenders policy)
*Water Transfer Fees
Ask your buyer’s agent or loan officer for an estimate so that you can budget appropriately. They will be able to give you an estimate based on the value of your home, the taxes from previous years, and the value of your loan.
Most of these fees and charges cannot be reduced, but, you can shop around for home insurance and this can make a big difference in you closing costs.
When are buyer closing costs paid?
They are paid at the closing. They will be included as a lump sum along with your down payment, which is typically paid with a cashier’s check or by wiring the funds.
There are two different ways to pay your closing costs.
You can pay your own closing costs, or you can ask the seller to pay them. You will make this decision when you make an offer on a home. If you ask the seller to pay closing costs it generally increases the sale price of the home by the same amount. For example, you could offer $210,000 on a home and pay your own closing costs of approximately $5,000. Or, you can offer $215,000 on the same home, and ask the seller to pay your closing costs.
There are pros and cons to both options.
Pros: You will not have to have the cash for these fees at your closing meeting. Cons: You will be paying interest on your closing costs.
Pros: when you pay in “cash”, you will not pay interest on closing costs. Cons: You will need to budget for these costs along with costs to move, any repairs that need to be made to the home before moving in, and down payment.
Make sure to include your closing cost estimate when you are developing your budget for a home. Depending on what kind of funds you have available, it will make a big impact on the price range of home.
Can You Be Friends With Your Tenant?
September 1st, 2010Should you address a tenant as a friend? You must consider this very thoroughly and especially if you are renting out your property privately without appointing agents. When letting your home, you will need to make sure that you do not become too friendly or over connected with your tenant, however thoughtful you consider they may be and attractive the thought may appear. Possibly if they keen on me, if they associate with me, they will care for my house better or are they going to pay on time. Are you aware what can happen if you let the friendship continue more and more? They possibly could start inviting you round and what if they have a social gathering. Now what are you going to say? It is considerate that they have thought about inviting you, but do you say yes to it? How will you feel being in your home at the same time as a social gathering? The ladies always keen to receve a party invitation to give them a chance to wear their favouritewomen evening dresses. There is also your forthcoming relationship to pay attention to and although things possibly could be going well at this moment in time, what happens if they start going wrong in the future? How is this going to impact your friendship, if the hospitable tenant starts paying their money late? How do you think the tenant, who may think themselves as your acquaintance now, will feel if you wish to sell the house or ask for the house back and have to serve them eviction notices? Is your conscience going to play tricks with you and impact your decision making for your business as these tenants are your friends now and not simply your tenants? How do you react when the friendly tenants start missing a payment or paying behind schedule? Do you forgive them more and let them off or treat them just the same as your other tenant? Had you thought about this earlier or were just believing that everything would be fine? I bet you didn’t think about dealing with any occurrences with your tenant when you started to become friendly and believed it looked more attractive that they would treat you and your home better. However, as a property investor, your houses are your business and you have to make certain that you lead your business correctly and productively. This means that you should sustain all your relationships with tenants on a strictly business relationship basis only. This does not bring about that you can not be sociable towards your tenants and get on with them during natural associations you experience with the tenants, for example when doing an inspection but you should make certain that you keep control on these friendships. Being too friendly with your tenants, visiting as a friend etc can alter the landlord relationship and lead to difficulties at a later stage if a condition comes about. If a awkward situation comes about later on, your tenants, who now view themselves as your friends, could become tricky or hurt and want to be looked after in a individual way, maybe more lenient and given additional time or understanding, but not taking into consideration that this is your business. Remember that if you do socialise at all with your tenants whether it is being polite n accepting a formal invitation or attending a specifc function, that your conduct is important. How you dress (whether it be women’s cocktail dresses or suit), language and behaviour should represent your professional image even in these occurrences. The right way to run your rental business is making certain that you maintain a nice friendly but professional rapport with your tenant instead of becoming too friendly. This ought to make sure that you are not expected to treat your tenant in an extraordinary manner.
Heliodyne Solar Hot Water System-Immediate And Long-Term Benefits
September 1st, 2010Governments around the world are now taking action for each of us to make a difference by using natural, renewable energy since scientists have demonstrated that global warming is not a myth.
A high-quality solar hot water system decreases your home’s electricity or gas heating usage up to 20%, dramatically reducing your home’s greenhouse gas emissions. One substantial way to preserve our earth for generations to come is a solar hot water system.
We reviewed a high-quality Heliodyne solar hot water system and discovered it has many immediate and long-term benefits for your residence. It makes you eligible for cash rebates and incentives, adds value to your home, it helps the environment, and saves on your utility bills.
Installing a Heliodyne solar hot water system is a smart pick in so many ways. According to the National Remodelers Association, installing a solar hot water system to your home elevates resale value by the total cost of the system!
Homeowner’s insurance policies usually cover solar hot water systems and insure them against damage. The value of your solar investment will increase as gas and electric prices continue to increase.
The Federal government presently offers a 30% tax credit to homes and businesses that put in a solar hot water system. A number of state and local incentives also exist throughout the US to encourage renewable energy. For instance, the state of Massachusetts offers a $1000 personal tax credit for homeowners that put in a solar hot water system. Generally, the cost of putting in a solar hot water system is reduced by around 30-50% after government rebates and incentives.
The following page, www.dsireusa.org, will bring you to the Database of State Incentives for Renewables and Efficiency (DSIRE). DSIRE is a comprehensive source of information on state, local, utility, and federal incentives that support renewable energy and energy efficiency.
· A regular house in the US can save up to $800 every year on utility costs with a solar hot water system.
· Freedom from your utility company is very empowering especially as rates continue to grow.
· It’s reasonably priced. A fully installed home solar hot water system normally costs between $4,000 and $10,000 BEFORE rebates and incentives.
· In as little as 4 years, you can recoup your total costs. The savings generated from the solar system amounts to bonus cash in your pocket after you’ve recouped your costs!
The Heliodyne Cool Climate Packaged System is designed to work in all regions of the world, specifically where hard water and freezing are concerns.
In this closed loop design, a special heat transfer fluid flows through the collectors in place of water, allowing superior durability and trouble-free operation.
The System works when there is enough heat to be drawn from the collectors; the controller automatically starts the pumps. Heated solar fluid is then circulated from the collectors and through the heat exchanger, where its heat is transferred to water in the storage tank. The solar liquid is then forced back to the collectors to again be reheated. Provided that there is heat to be drawn from the collectors this circulation loop will continue. During times when there is little or no sun, a backup heating system will be activated to supply adequate hot water. Some of the great features that this system offers are:
· Easy Plug and Play installation, which includes all components (except piping and storage tank).
· System is appropriate for all homes and regions and can be mounted to existing hot water tank.
· The Heliodyne Solar Hot Water System is fully protected from overheating and freezing and also offers exceptional heat-transfer characteristics.
WHAT’S INCLUDED
· Solar collectors with mounting hardware
· Helio-Pak heat-transfer appliance (with Standard Delta-T controller)
· Expansion tank
· Glycol (heat transfer fluid)
· DOS discs
We determined that upgrading your system to the Premium Package maximizes the most out of your Heliodyne solar hot water system. Allowing you to see how well the system is functioning and to make adjustments and change settings, it comes with an apgraded heat transfer appliance. Allowing you to log onto your system remotely from any computer in your home, a Wi-Fi hub is also included.
The value of the Heliodyne solar hot water system will be quickly realized. This system will perform better, last longer, and require hardly any maintenance, saving you more money in the long run.
Heliodyne Inc. has been in business since 1976 and is one of America’s oldest established creators of solar hot water collectors and systems. They have grown to be a leading producer of solar hot water systems throughout the United States and many parts of the planet sustaining a reputation as an industry leader. For the life of their Heliodyne solar hot water system they offer their expertise, service, and support to all customers. Customers are free to communicate them directly, or their network of qualifiedHeliodyne dealers for service and support.
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